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Project Ozona Economic & Technical Review[8167]

The Fénix Petroleum

The Fénix Petroleum Team Overview A Differentiated Strategy & Team ■ ■ ■ ■ Value Creation ▬ The Fénix Petroleum Group is a lean team with a focused effort on deploying capital to the highest return PUDs and prospects geared towards providing investors with solid monthly cash flow – the Company does NOT rely on a “long-wait” monetization strategy to drive investor returns ▬ This team will NOT rely on a commodity price recovery to deliver significant returns to the capital providers, relying instead upon leveraging a best-in-class operating team to optimize both the development and exploitation of neglected assets with low cost operations and at the wellhead break-even prices at or below $20/bbl ▬ The Fénix Petroleum Group is targeting investor returns in the 20%+ range over a 10 year period with project level breakeven timeline between 36 and 48 months Asset Selection ▬ Conventional assets have become “unconventional” as major investment and best-in-class operators have been reallocated to the resource plays over the last decade, leaving opportunity that few teams are currently focused upon ▬ The Company has found, and will continue to find, conventional assets that have been poorly operated and neglected by capital that have PUDs and recompletions which remain economic, even in today’s low commodity price environment ▬ The Company is focused on acquiring significant stacked-pay potential with unconventional and/or secondary recovery upside that provides substantial opportunities for both new drill and recompletion opportunities, which its experienced operating team can exploit Ability to Transact ▬ Relationships with both public and private operators are essential to identify potential acquisition opportunities before they are widely marketed – the Fénix Petroleum Group team has strong relationships across most conventional and unconventional U.S. basins ▬ While the Company may engage in broader auction processes, the majority of the team’s effort will be to continue to identify situations that have yet to be broadly marketed to avoid overly competitive processes that result in aggressive purchase prices, over-burdening project level returns Team Make-up ▬ The Fénix Petroleum Group team has the in-house expertise across engineering, finance, G&G and operations to efficiently develop conventional and unconventional reserves, while exploring and exploiting upside potential ▬ The Company’s technical team members all have 25+ years of experience in both conventional and unconventional exploration and development and have extensive experience working together in basins across Texas and the Southeast United States ▬ The team is confident that its experience at developing existing reserves and finding and developing new or by-passed zones with new techniques and technology in conjunction with its A&D expertise will, in the current environment, allow the Company to create significant value to its equity partners 34

The Fénix Petroleum Team Overview Team Overview – Leadership Stuart Imel Co-Chief Executive Officer Charles Rougeau Co-Chief Executive Officer Stuart Imel brings oil and gas finance and leadership experience that includes building upstream oil and gas teams, sourcing A&D opportunities and raising and deploying capital. Prior to co-founding Fénix Petroleum Group, Stuart founded and led Pedernales Petroleum, LLC, an ArkLaTx-focused upstream oil & gas company. During his tenure as President at Pedernales, he identified and led the acquisition of that company’s sole asset, a ~17,000 net acre, 154 producing wells property in East Texas. Within 90 days of taking over operatorship, production was increased more than 20%, major marketing contracts renegotiated for ~35% cost savings, and an aggressive recompletion program put in-place. Stuart also negotiated a multimillion dollar farm-out to PetroQuest. Prior to Pedernales, Stuart was an investment banker with Barclays Natural Resources Group in Houston, where he worked on ~$10 billion worth of transactions that closed across public and private equity and debt capital markets and M&A&D. Prior to investment banking, Stuart was a military intelligence officer with two tours in Iraq. Stuart earned his MBA with a concentration in finance from the Massachusetts Institute of Technology and his BS in Arabic studies with a minor in Systems Engineering from the United States Military Academy at West Point. Charles Rougeau brings over 27 years of operations and leadership experience in the upstream oil and gas industry. He most recently served as President of StableRock Energy, L.L.C. and is responsible for identifying a Permian asset and raising $15 million for acquisition and implementation of secondary recovery project. Charles began his career with Schlumberger in 1990 as an open and cased hole engineer in the Gulf Coast Division and later becoming a Senior Field Engineer responsible for tough logging conditions for U.S. Land operations. Managed Integrated Power System from 1993 to 2001 and built the company from $2 million to $18 million of EBITDA, and later negotiated sale to NOV for ~3x EBITDA. In 2001 Charles was appointed V.P. of Rig Systems and Controls for National Oilwell, in which he managed the manufacturing of Drilling Rig Systems and controls for both land and offshore drilling rigs. Charles successfully managed a $85 million manufacturing budget while reducing cost 4 percent in the first year. From 2008 through 2014 Charles has held lead consulting positions with Linc Energy, JX Nippon USA and Maritech Resources advising on drilling, completions and abandonment programs totaling over $400 million in Capex obligations. Charles has his BS in Geological Resource Management from Centenary College. 35

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